Coupa (NASDAQ:COUP) stock is rising higher on Monday following news that Thoma Bravo is acquiring the company for $8 billion.
The deal has software investment firm Thoma Bravo agreeing to pay $81 per share in cash for COUP stock. That’s a 77% premium to the stock’s closing price on Nov. 22, which was the last day before media reports about the deal started popping up.
Roger Siboni, the company’s lead independent director, said the following about the sale:
“This transaction is the result of a deliberate and thoughtful process that included engagement with both strategic and financial parties […] The Board evaluated the transaction against the company’s standalone prospects in the current macroeconomic climate and determined that the compelling and certain cash consideration in the transaction provides superior risk-adjusted value relative to the Company’s standalone prospects.”
Details of the COUP Stock Deal
The board at Coupa has given its full support to the deal. Now, the two companies just need approval from shareholders and regulators for the deal to reach completion. If all goes well, the deal will close in the first half of 2023.
It’s worth noting that the deal between Coupa and Thoma Bravo will result in shares of COUP stock no longer being listed publicly.
COUP stock is up 26.8% in pre-market trading on Monday.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.